Tax remittance: Nine bank Chiefs beg Reps

Against the threat of being arrested, nine bank chiefs that failed to honour the invitation of the House of Representatives Committee on Finance on Monday, turned up yesterday and apologised.

The Committee however, lashed out at one of the bridged banks for sending an officer below the rank of an Executive Director. The bank’s representative, Peter Oyedele, Head, Collection was walked out of the meeting.

The Bank’s Chief Executive Officer was given 24 hours to present himself before the Committee.

The Committee was investigating 21 banks over collected tax remittances and compliance with tax payment lashed out at the Bank chiefs for treating invitation by the House of Representatives with levity.

Chairman of the Committee, Abdulmumin Jibrin said: “We take exception to parliamentary invitation being treated with levity. We don’t think there is anything more important to the CEOs than what the Committee is doing on the economy on behalf of Nigerian people”.

Jibrin also allayed the fears of the bank Chiefs over the exercise, noting that the investigation would turn out to be beneficial to the banking sector through proactive legislations. .

“It may even turn out that the banks may be refunded over their remittances by the time we conclude analysing the data at out disposal.

“In the final analysis, the sector would be better for it as our intention is to strengthen the sector,” he added.

Deputy Chairman of the Committee, Ayobami Ogunnisi, who said the exercise was about shoring up the Consolidated Revenue Fund of the government against perpetual budget deficit, noted that Chief Executives should not wait for threat of arrest before honouring lawmakers’ invitations.

“All we are doing is to improve our revenue base and make sure we go over this yearly budget deficit rituals. The banks are rated so high and we believe that they can help us because of their contribution to the economy”.

Godwin Emefiele, the Managing Director, Chief Executive Officer (CEO) apologised for non-appearance of the bank chiefs, saying it was not deliberate, citing communication gap as being responsible.

While he promised that such would not occur again, Emefiele assured that his bank as well as his colleagues would fully cooperate with the Committee in the assignment.

“We will cooperate fully and give our counsel where necessary to achieve the purpose of this exercise, moving our economy forward,” he said.

Other bank chiefs, in their responses towed the same line with the Zenith Bank boss with promises of cooperating with the Committee.

The bank chiefs were given additional information to the template earlier given to them, which they would defend between June 3rd and 7th, 2013.

CEOs of Zenith Bank, Heritage Bank and Keystone Bank and Executive Directors of five others were present at the session.

One thought on “Tax remittance: Nine bank Chiefs beg Reps”

What an irony. Jibrin caught saying that what could be more important to the banks’ CEO than honoring their invitation. A sitting meant to shore up the revenue of the federation. My question to jibrin is to tell Nigerian what use have they deplored the huge sum of revenue currently available to the federation? All ended up in their private bank accounts within and outside the shores of Nigeria.

Why not start the shoring up of the federation revenue profile from slashing the humongous salary and allowances accruing to him and his colleagues whose job is only to sit and sleep in the hallow chambers of the National Assembly.

What meaningful contributions has he and his colleagues added to the country since coming on board in 2011?